Russia lends €1.2bn for Iranian Power Plant

Russia’s state-owned Vnesheconombank (VEB) has reportedly agreed to lend Iran’s Bank of Industry and Mines €1.2-billion over five years for the development of the 1,400-MW Hormozgan thermal power plant.

According to PressTV, Russian President Vladimir Putin said in February that Moscow would grant a total of €2.2 billion to Iran for two key energy-related projects.

The second project will be the electrification of a railway from Garmsar in eastern Tehran to Ince-Burun in northeast of Iran.